By William Gullotti
Buffalo, N.Y., April 26 – China’s Shengzhou Communications Investment and Development Group Co., Ltd. announced it priced $142 million 3½% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Ningbo Shaoxing Branch.
The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control or registration event occurs.
China International Capital Corp. is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with CMB Wing Lung Bank and CMBC Capital.
Proceeds from the offering will be used for project construction and replenishing working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective April 26.
The issuer is a state-owned transport infrastructure construction platform based in Shengzhou City, Zhejiang Province, in China.
Issuer: | Shengzhou Communications Investment and Development Group Co., Ltd.
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LoC issuer: | Bank of Ningbo Shaoxing Branch
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Amount: | $142 million
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Issue: | Credit enhanced bonds
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Maturity: | April 25, 2025
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Bookrunners: | China International Capital Corp., CMB Wing Lung Bank and CMBC Capital
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Counsel to issuer: | Chungs Lawyers (in Association with Deheng Law Offices) (England), Zhejiang Runhang Law Firm (China)
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Counsel to underwriters: | Fangda Partners (England), Commerce & Finance Law Offices (China)
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Coupon: | 3½%
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Price: | Par
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Yield: | 3½%
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Call: | For taxation reasons only at par plus interest
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Change of control: | At par plus interest
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Registration event: | At par plus interest
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Pricing date: | April 14
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Issue date: | April 25
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Listing date: | April 26
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Distribution: | Regulation S
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ISIN: | XS2463351176
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